Please wait
September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Science and Technology Trust (BST)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Consolidated Schedule of Investments (unaudited)
September 30, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 1.1%
Anduril Industries, Inc.(a)(b)
 
139,772
 $ 5,713,879
BWX Technologies, Inc.
 
62,691
11,558,340
 
 
17,272,219
Automobiles — 0.9%
Tesla, Inc.(b)
 
30,603
13,609,766
Broadline Retail(b) — 2.0%
Amazon.com, Inc.(c)
 
48,555
10,661,221
MercadoLibre, Inc.
 
8,291
19,375,570
 
 
30,036,791
Communications Equipment — 1.0%
Arista Networks, Inc.(b)
 
105,627
15,390,910
Diversified Consumer Services(b) — 0.7%
Grammarly, Inc., (Acquired 11/17/21, Cost:
$18,749,975)(a)(d)
 
715,323
7,296,294
Stubhub Holdings, Inc., Class A(e)
 
189,315
3,188,065
Think & Learn Private Ltd., Class J-B, (Acquired
09/30/20, Cost: $1,524,948)(a)(d)
 
997
—
 
 
10,484,359
Electrical Equipment — 0.8%
Siemens Energy AG(b)
 
103,458
12,164,501
Electronic Equipment, Instruments & Components — 0.8%
Flex Ltd.(b)
 
196,795
11,408,206
Entertainment — 3.1%
Nintendo Co. Ltd.
 
107,200
9,274,862
Spotify Technology SA(b)
 
32,410
22,622,180
Take-Two Interactive Software, Inc.(b)
 
54,867
14,175,438
 
 
46,072,480
Financial Services — 2.2%
Klarna 6mo Lock Up(b)
 
317,160
11,623,914
Mastercard, Inc., Class A
 
23,298
13,252,135
Plaid(a)(b)
 
42,651
8,986,566
 
 
33,862,615
Hotels, Restaurants & Leisure — 0.6%
DoorDash, Inc., Class A(b)
 
35,230
9,582,208
Interactive Media & Services — 5.7%
Alphabet, Inc., Class A
 
124,234
30,201,285
Meta Platforms, Inc., Class A
 
75,759
55,635,895
Patreon, Inc., (Acquired 08/19/21, Cost:
$3,352,226)(a)(b)(d)
 
59,524
1,139,289
 
 
86,976,469
IT Services(b) — 3.3%
Automattic, Inc., (Acquired 02/03/21, Cost:
$7,999,945)(a)(d)
 
94,117
2,456,454
Deep Instinct Ltd.(a)
 
49,350
2,961
Farmer’s Business Network, Inc.(a)
 
203,366
215,568
Shopify, Inc., Class A
 
87,771
13,043,648
Snowflake, Inc., Class A
 
148,657
33,529,586
 
 
49,248,217
Media — 1.3%
MNTN, Inc., (Acquired 11/05/21, Cost:
$24,999,980)(b)(d)
 
1,088,598
20,193,493
Professional Services — 0.4%
Thomson Reuters Corp.
 
40,881
6,347,908
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment — 31.2%
Advantest Corp.
 
254,500
$ 25,180,918
Astera Labs, Inc.(b)
 
39,826
7,797,931
Broadcom, Inc.(c)
 
356,296
117,545,613
Celestial Asia Securities Holdings Ltd.(a)(b)
 
29,105
548,338
Celestial Asia Securities Holdings Ltd., Series C-1(a)(b)
 
559,391
10,538,926
Credo Technology Group Holding Ltd.(b)
 
156,752
22,824,659
Lam Research Corp.
 
145,385
19,467,052
Monolithic Power Systems, Inc.
 
20,761
19,113,407
NVIDIA Corp.(c)(f)
 
1,220,808
227,778,357
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
 
79,987
22,339,569
 
 
473,134,770
Software — 21.2%
AppLovin Corp., Class A(b)
 
35,047
25,182,671
Cadence Design Systems, Inc.(b)
 
73,144
25,692,561
Canva, Inc.(a)(b)
 
9,375
15,432,563
Crowdstrike Holdings, Inc., Class A(b)
 
32,514
15,944,215
Databricks, Inc., (Acquired 07/24/20, Cost:
$960,476)(a)(b)(d)
 
59,997
8,999,550
DataRobot, Inc., (Acquired 03/01/21, Cost:
$583,275)(a)(b)(d)
 
38,789
46,547
Guidewire Software, Inc.(b)
 
45,904
10,551,493
Intuit, Inc.
 
18,732
12,792,270
Microsoft Corp.(c)
 
236,886
122,695,104
Oracle Corp.
 
188,634
53,051,426
Rubrik, Inc., Class A(b)
 
93,936
7,726,236
ServiceNow, Inc.(b)
 
8,259
7,600,593
Snorkel AI, Inc., (Acquired 06/30/21, Cost:
$997,636)(a)(b)(d)
 
66,422
406,503
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost:
$5,192,307)(a)(b)(d)
 
361,972
1,860,536
Teya Services Ltd., (Acquired 12/17/21, Cost:
$24,999,987)(a)(b)(d)
 
12,871
4,210,748
Xero Ltd.(b)
 
84,473
8,814,343
 
 
321,007,359
Specialty Retail — 0.0%
AceVector Limited, (Acquired 08/31/18, Cost:
$1,998,435)(a)(b)(d)
 
168,640
58,899
Technology Hardware, Storage & Peripherals — 5.5%
Apple, Inc.
 
326,847
83,225,052
Wireless Telecommunication Services — 2.0%
SoftBank Group Corp.
 
238,900
30,144,524
Total Common Stocks — 83.8%
(Cost: $523,972,692)
1,270,220,746
 
 
 
Par
(000)
 
Convertible Notes
Financial Services — 0.0%
Wyre, Inc., (Acquired 12/14/21, Cost: $8,000,000),
0.00%, 12/08/24(a)(d)
$
80
1
IT Services — 0.1%
Voltron Capital, 0.00%(a)
 
1,663
1,246,901
Total Convertible Notes — 0.1%
(Cost: $9,662,535)
1,246,902
 
2
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Preferred Securities
Preferred Stocks — 16.2%(a)
Aerospace & Defense — 2.5%
Anduril Industries, Inc., Series F(b)
 
920,107
$ 37,613,974
Chemicals — 0.2%
Solugen, Inc., Series C, (Acquired 09/02/21, Cost:
$9,999,977)(b)(d)
 
269,284
3,091,380
Communications Equipment — 0.4%
Astranis, Series D(b)
 
856,310
6,405,199
Consumer Staples Distribution & Retail — 0.9%
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost:
$6,999,994)(b)(d)
 
709,724
14,045,438
Diversified Consumer Services(b)(d) — 0.2%
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost:
$6,249,992)
 
238,441
2,432,098
Think & Learn Private Ltd., Series F, (Acquired 09/30/20,
Cost: $3,052,975)
 
1,054
—
 
 
2,432,098
Diversified Telecommunication Services — 0.2%
Discord, Inc., Series I, (Acquired 09/13/21, Cost:
$7,000,088)(b)(d)
 
12,713
3,302,583
Financial Services(b)(d)(g) — 0.8%
Trumid Holdings LLC
 
Class J-A, (Acquired 07/24/20, Cost: $2,499,716)
 
5,038
2,847,377
Class J-B, (Acquired 07/24/20, Cost: $1,499,830)
 
5,038
2,847,377
Class L, (Acquired 09/15/21, Cost: $9,999,695)
 
11,420
6,454,355
 
 
12,149,109
Interactive Media & Services(b)(d) — 0.6%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost:
$2,857,834)
 
24,110
6,096,696
Patreon, Inc., Series D, (Acquired 07/14/21, Cost:
$6,666,632)
 
119,047
2,278,559
 
 
8,375,255
IT Services(b)(d) — 0.2%
TRAX Ltd.
 
(Acquired 02/18/21, Cost: $1,999,989)
 
38,361
642,547
(Acquired 09/12/19, Cost: $4,000,013)
 
106,667
1,786,672
Voltron Data, Inc.
 
Series A, (Acquired 01/18/22, Cost: $10,000,000)
 
6,201,935
930,290
Series SEED, (Acquired 07/14/21, Cost: $5,000,000)
 
9,090,909
454,546
 
 
3,814,055
Professional Services — 0.3%
ANT Group Co. Ltd.
 
1,703,548
4,224,799
Semiconductors & Semiconductor Equipment(b) — 4.1%
Celestial Asia Securities Holdings Ltd.
 
Series A
 
185,582
3,496,365
Series B
 
139,646
2,630,931
PsiQuantum Corp.(d)
 
Series C, (Acquired 09/09/19, Cost: $3,200,234)
 
690,003
25,902,713
Series D, (Acquired 05/21/21, Cost: $5,000,025)
 
190,650
7,826,182
Rivos, Inc.
 
Series A1
 
2,700,558
7,993,652
Series A2
 
2,464,862
6,729,073
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
Rivos, Inc. (continued)
 
Series A3
 
1,027,026
$ 2,803,781
SambaNova Systems, Inc., Series C, (Acquired
02/20/20, Cost: $9,972,125)(d)
 
187,300
4,167,425
 
 
61,550,122
Software(b)(d) — 5.4%
Anthropic PBC, Series F, (Acquired 08/18/25, Cost:
$21,999,968)
 
156,064
22,000,342
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost:
$0)
 
598,682
6
Databricks, Inc.
 
Series F, (Acquired 10/22/19, Cost: $3,999,999)
 
279,405
41,910,750
Series G, (Acquired 02/01/21, Cost: $4,500,001)
 
76,113
11,416,950
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost:
$2,999,996)
 
228,276
853,752
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost:
$4,999,985)
 
332,896
2,543,326
Snyk Ltd., Series F, (Acquired 09/02/21, Cost:
$4,807,688)
 
337,018
1,732,273
Unqork, Inc.
 
Series B, (Acquired 09/19/19, Cost: $3,198,416)
 
281,080
1,655,561
Series C, (Acquired 09/18/20, Cost: $1,303,260)
 
47,600
369,852
 
 
82,482,812
Technology Hardware, Storage & Peripherals — 0.4%
PsiQuantum Corp., Series E(b)
 
121,615
5,424,029
 
244,910,853
Total Preferred Securities — 16.2%
(Cost: $202,077,704)
244,910,853
Warrants
Software — 0.0%
Constellation Software, Inc., (Issued 08/29/23, 1 Share
for 1 Warrant, Expires 03/31/40, Strike Price CAD
11.50)(a)(b)
 
3,923
—
Total Warrants — 0.0%
(Cost: $ — )
—
Total Long-Term Investments — 100.1%
(Cost: $735,712,931)
1,516,378,501
Consolidated Schedule of Investments
3
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.26%(h)(i)(j)
 
1,299,625
$ 1,300,275
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.01%(h)(i)
 
9,933,615
9,933,615
Total Short-Term Securities — 0.8%
(Cost: $11,234,013)
11,233,890
Total Investments Before Options Written — 100.9%
(Cost: $746,946,944)
1,527,612,391
Options Written — (0.7)%
(Premiums Received: $(6,469,345))
(9,997,693
)
Total Investments, Net of Options Written — 100.2%
(Cost: $740,477,599)
1,517,614,698
Liabilities in Excess of Other Assets — (0.2)%
(2,305,675
)
Net Assets — 100.0%
$ 1,515,309,023
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
Non-income producing security.
(c)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(d)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $214,257,364, representing 14.1% of its net assets as of
period end, and an original cost of $243,167,622.
(e)
All or a portion of this security is on loan.
(f)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(g)
All or a portion of the security is held by a wholly-owned subsidiary.
(h)
Affiliate of the Trust.
(i)
Annualized 7-day yield as of period end.
(j)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 565,400
$ 734,599
(a)
$ —
$ 399
$ (123
)
$ 1,300,275
1,299,625
$ 9,502
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
1,644,863
8,288,752
(a)
—
—
—
9,933,615
9,933,615
295,133
—
 
$ 399
$ (123
)
$ 11,233,890
$ 304,635
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
Apple, Inc.
234
10/03/25
USD
245.00
USD
5,958
$ (231,075
)
Broadcom, Inc.
98
10/03/25
USD
325.00
USD
3,233
(77,665
)
Intuit, Inc.
39
10/03/25
USD
680.00
USD
2,663
(34,905
)
NVIDIA Corp.
323
10/03/25
USD
185.00
USD
6,027
(114,665
)
NVIDIA Corp.
374
10/03/25
USD
180.00
USD
6,978
(276,760
)
Shopify, Inc., Class A
100
10/03/25
USD
143.00
USD
1,486
(65,250
)
Alphabet, Inc., Class A
96
10/10/25
USD
240.00
USD
2,334
(65,760
)
AppLovin Corp., Class A
36
10/10/25
USD
550.00
USD
2,587
(611,100
)
Broadcom, Inc.
109
10/10/25
USD
345.00
USD
3,596
(37,605
)
Meta Platforms, Inc., Class A
5
10/10/25
USD
770.00
USD
367
(1,675
)
Microsoft Corp.
165
10/10/25
USD
520.00
USD
8,546
(101,887
)
NVIDIA Corp.
323
10/10/25
USD
185.00
USD
6,027
(177,650
)
Oracle Corp.
198
10/10/25
USD
255.00
USD
5,569
(553,410
)
Snowflake, Inc., Class A
35
10/10/25
USD
235.00
USD
789
(9,363
)
Spotify Technology SA
81
10/10/25
USD
735.00
USD
5,654
(54,067
)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
150
10/10/25
USD
245.00
USD
4,189
(526,875
)
Tesla, Inc.
18
10/10/25
USD
365.00
USD
800
(145,980
)
4
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Trust (BST)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Apple, Inc.
106
10/17/25
USD
235.00
USD
2,699
$ (219,155
)
AppLovin Corp., Class A
38
10/17/25
USD
510.00
USD
2,730
(801,800
)
Broadcom, Inc.
151
10/17/25
USD
310.00
USD
4,982
(375,235
)
BWX Technologies, Inc.
126
10/17/25
USD
185.00
USD
2,323
(80,640
)
Credo Technology Group Holding Ltd.
170
10/17/25
USD
160.36
USD
2,475
(78,800
)
Guidewire Software, Inc.
101
10/17/25
USD
230.00
USD
2,322
(66,155
)
MercadoLibre, Inc.
8
10/17/25
USD
2,650.00
USD
1,870
(3,000
)
Meta Platforms, Inc., Class A
54
10/17/25
USD
800.00
USD
3,966
(11,664
)
Microsoft Corp.
130
10/17/25
USD
525.00
USD
6,733
(80,600
)
Monolithic Power Systems, Inc.
43
10/17/25
USD
910.00
USD
3,959
(159,745
)
NVIDIA Corp.
220
10/17/25
USD
190.00
USD
4,105
(100,100
)
NVIDIA Corp.
439
10/17/25
USD
175.00
USD
8,191
(616,795
)
Rubrik, Inc., Class A
85
10/17/25
USD
100.00
USD
699
(3,613
)
Rubrik, Inc., Class A
84
10/17/25
USD
80.00
USD
691
(44,520
)
Take-Two Interactive Software, Inc.
58
10/17/25
USD
240.00
USD
1,498
(115,710
)
Tesla, Inc.
31
10/17/25
USD
355.00
USD
1,379
(285,122
)
Alphabet, Inc., Class A
98
10/24/25
USD
265.00
USD
2,382
(18,473
)
Amazon.com, Inc.
5
10/24/25
USD
235.00
USD
110
(928
)
Apple, Inc.
252
10/24/25
USD
235.00
USD
6,417
(534,240
)
Astera Labs, Inc.
72
10/24/25
USD
270.00
USD
1,410
(10,080
)
Broadcom, Inc.
227
10/24/25
USD
390.00
USD
7,489
(28,829
)
Broadcom, Inc.
227
10/24/25
USD
410.00
USD
7,489
(14,528
)
Cadence Design Systems, Inc.
91
10/24/25
USD
380.00
USD
3,196
(27,755
)
Cadence Design Systems, Inc.
67
10/24/25
USD
365.00
USD
2,353
(46,230
)
Crowdstrike Holdings, Inc., Class A
36
10/24/25
USD
540.00
USD
1,765
(14,850
)
Lam Research Corp.
274
10/24/25
USD
135.00
USD
3,669
(154,810
)
Mastercard, Inc., Class A
48
10/24/25
USD
595.00
USD
2,730
(16,440
)
MercadoLibre, Inc.
10
10/24/25
USD
2,500.00
USD
2,337
(33,000
)
Meta Platforms, Inc., Class A
100
10/24/25
USD
800.00
USD
7,344
(41,000
)
Microsoft Corp.
129
10/24/25
USD
525.00
USD
6,682
(103,845
)
Amazon.com, Inc.
25
10/31/25
USD
230.00
USD
549
(13,625
)
Apple, Inc.
101
10/31/25
USD
265.00
USD
2,572
(39,643
)
Credo Technology Group Holding Ltd.
156
10/31/25
USD
170.00
USD
2,272
(94,380
)
Microsoft Corp.
73
10/31/25
USD
535.00
USD
3,781
(70,810
)
NVIDIA Corp.
284
10/31/25
USD
185.00
USD
5,299
(269,090
)
Oracle Corp.
198
10/31/25
USD
340.00
USD
5,569
(54,351
)
ServiceNow, Inc.
23
10/31/25
USD
1,000.00
USD
2,117
(50,715
)
Shopify, Inc., Class A
75
10/31/25
USD
155.00
USD
1,115
(45,937
)
Snowflake, Inc., Class A
136
10/31/25
USD
240.00
USD
3,067
(72,760
)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
12
10/31/25
USD
285.00
USD
335
(12,840
)
Take-Two Interactive Software, Inc.
57
10/31/25
USD
255.00
USD
1,473
(63,840
)
Tesla, Inc.
13
10/31/25
USD
425.00
USD
578
(56,225
)
Amazon.com, Inc.
67
11/07/25
USD
235.00
USD
1,471
(32,328
)
Crowdstrike Holdings, Inc., Class A
30
11/07/25
USD
500.00
USD
1,471
(59,550
)
DoorDash, Inc., Class A
73
11/07/25
USD
275.00
USD
1,986
(122,640
)
Flex Ltd.
407
11/07/25
USD
57.75
USD
2,359
(140,319
)
Lam Research Corp.
31
11/07/25
USD
139.00
USD
415
(17,390
)
Snowflake, Inc., Class A
138
11/07/25
USD
245.00
USD
3,113
(61,065
)
Stubhub Holdings, Inc., Class A
385
11/07/25
USD
23.00
USD
648
(30,158
)
 
 
 
$ (8,481,020
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
SoftBank Group Corp.
Bank of America N.A.
22,900
10/03/25
JPY
15,862.75
JPY
427,319
$ (437,795
)
Xero Ltd.
UBS AG
17,400
10/03/25
AUD
174.89
AUD
2,744
—
SoftBank Group Corp.
BNP Paribas SA
14,300
10/08/25
JPY
17,638.50
JPY
266,841
(120,595
)
Nintendo Co. Ltd.
BNP Paribas SA
14,300
10/16/25
JPY
13,629.20
JPY
182,967
(13,881
)
Consolidated Schedule of Investments
5
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Trust (BST)
 
OTC Options Written (continued)
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
 
 
 
Advantest Corp.
JPMorgan Chase Bank N.A.
53,400
10/22/25
JPY
14,700.00
JPY
781,356
$ (266,586
)
Siemens Energy AG
Goldman Sachs International
4,400
10/22/25
EUR
106.38
EUR
441
(7,304
)
Nintendo Co. Ltd.
BNP Paribas SA
8,200
10/29/25
JPY
14,463.75
JPY
104,918
(7,409
)
Siemens Energy AG
Barclays Bank PLC
6,600
11/04/25
EUR
101.40
EUR
661
(31,246
)
Siemens Energy AG
Bank of America N.A.
10,700
11/05/25
EUR
101.05
EUR
1,072
(53,402
)
NVIDIA Corp.
Goldman Sachs International
60,000
11/07/25
USD
191.26
USD
11,195
(512,442
)
SoftBank Group Corp.
JPMorgan Chase Bank N.A.
12,900
11/07/25
JPY
20,520.00
JPY
240,717
(66,013
)
 
 
 
 
 
 
$ (1,516,673
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Aerospace & Defense
$ 11,558,340
$ —
$ 5,713,879
$ 17,272,219
Automobiles
13,609,766
—
—
13,609,766
Broadline Retail
30,036,791
—
—
30,036,791
Communications Equipment
15,390,910
—
—
15,390,910
Diversified Consumer Services
3,188,065
—
7,296,294
10,484,359
Electrical Equipment
—
12,164,501
—
12,164,501
Electronic Equipment, Instruments & Components
11,408,206
—
—
11,408,206
Entertainment
36,797,618
9,274,862
—
46,072,480
Financial Services
13,252,135
11,623,914
8,986,566
33,862,615
Hotels, Restaurants & Leisure
9,582,208
—
—
9,582,208
Interactive Media & Services
85,837,180
—
1,139,289
86,976,469
IT Services
46,573,234
—
2,674,983
49,248,217
Media
—
20,193,493
—
20,193,493
Professional Services
6,347,908
—
—
6,347,908
Semiconductors & Semiconductor Equipment
436,866,588
25,180,918
11,087,264
473,134,770
Software
281,236,569
8,814,343
30,956,447
321,007,359
Specialty Retail
—
—
58,899
58,899
Technology Hardware, Storage & Peripherals
83,225,052
—
—
83,225,052
Wireless Telecommunication Services
—
30,144,524
—
30,144,524
Convertible Notes
—
—
1,246,902
1,246,902
6
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Trust (BST)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Preferred Securities
Preferred Stocks
$ —
$ —
$ 244,910,853
$ 244,910,853
Warrants
—
—
—
—
Short-Term Securities 
Money Market Funds
11,233,890
—
—
11,233,890
 
$1,096,144,460
$117,396,555
$314,071,376
$1,527,612,391
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (8,214,353
)
$ (1,783,340
)
$ —
$ (9,997,693
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Convertible
Notes
Preferrred
Stocks
Warrants
Total
Assets
Opening balance, as of December 31, 2024
$ 55,665,715
$ 1,695,787
$ 220,068,321
$ —
(a)
$ 277,429,823
Transfers into Level 3
—
—
—
—
—
Transfers out of Level 3
—
—
—
—
—
Accrued discounts/premiums
—
—
—
—
—
Net realized gain (loss)
—
—
(7,996,429
)
—
(7,996,429
)
Net change in unrealized appreciation (depreciation)(b)
(4,378,662
)
(8,448,884
)
56,021,844
—
43,194,298
Purchases
24,598,546
7,999,999
31,820,013
—
64,418,558
Sales
(7,971,978
)
—
(55,002,896
)
—
(62,974,874
)
Closing balance, as of September 30, 2025
$ 67,913,621
$ 1,246,902
$ 244,910,853
$ —
(a)
$ 314,071,376
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025(b)
$ 871,682
$ (8,448,884
)
$ 43,782,181
$ —
(a)
$ 36,204,979
 
(a)
Rounds to less than $1.
(b)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $7. 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Common Stocks
$67,913,621
Market
Revenue Multiple
1.30x - 27.50x
15.89x
 
 
Volatility
70% - 80%
79%
 
 
Time to Exit
3.0- 3.0 years
3.0 years
 
 
Gross Profit Multiple
8.25x -17.25x
14.38x
 
 
 
 
 
Preferred Stocks
244,910,847
Market
Revenue Multiple
1.50x - 27.50x
15.22x
 
 
Volatility
70% - 95%
74%
 
 
Time to Exit
0.2 -4.0 years
3.4 years
 
 
Market Adjustment Multiple
0.85x-1.10x
0.98x
 
 
Terminal Growth Rate
5%
—
 
 
Gross Profit Multiple
8.50x
—
 
 
 
 
 
Convertible Notes
1,246,901
Market
Revenue Multiple
6.00x
—
 
 
Volatility
95%
—
 
 
Time to Exit
0.2 years
—
 
$314,071,369
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
Consolidated Schedule of Investments
7
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Science and Technology Trust (BST)
 
 
Currency Abbreviation 
AUD
Australian Dollar
EUR
Euro
JPY
Japanese Yen
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
8